Q2 2026 total production was 2,248 MBOED, down 143 MBOED (6%) year-over-year and down 98 MBOED (4%) after adjusting for closed acquisitions and dispositions, with declines primarily from normal field decline partly offset by new wells online in the Lower 48, Canada, Alaska, China, Australia, and Libya; Lower 48 production was 1,479 MBOED and Canada production fell 39 MBOED due in part to higher variable royalties at Surmont following a 2025 post-payout event.
During Q2 2026 the company expanded its commercial LNG offtake agreements by 2 MTPA, bringing total commercial offtake from 10.2 MTPA to 12.2 MTPA, and in June 2026 jointly signed an agreement with a third-party operator and the Syrian government/Syrian Petroleum Company to increase production from and further develop certain onshore gas fields in Syria, with no material production impact expected in 2026.
In Q2 2026 the company entered into agreements to sell noncore Lower 48 assets (approximately 21 MBOED of 2025 average production) for approximately $1.7 billion; the transactions closed in July 2026 and, together with 2025 dispositions, achieved the previously announced $5 billion disposition target ahead of schedule. Separately, in July 2026 (subsequent to quarter-end) the company agreed to acquire a 42% non-operated interest in a JV supporting redevelopment of four producing oil fields in the Kirkuk area of northern Iraq for a purchase price of $0.4 billion before closing adjustments, including $0.2 billion in deferred payments due within three years, with closing expected by end of 2026.
Qatar LNG equity-method investment production remained constrained through Q2 2026 amid ongoing Middle East geopolitical tensions and the Iran conflict; the company stated its investments were undamaged and showed no indications of impairment, but noted that further escalation could adversely affect operations, LNG transportation, construction, and supply chains; Qatar represented approximately 4% of total company production volumes in 2025.
Production and operating expenses decreased $141 million year-over-year in Q2 2026, primarily attributed to increased efficiencies, consistent with the company's H2 2025 announcement of incremental cost reductions and margin enhancements exceeding $1 billion on a run-rate basis targeted for year-end 2026; Q2 2026 capital expenditures were $3.0 billion, with over half directed to flexible, short-cycle unconventional plays in the Lower 48, and the company reaffirmed its full-year 2026 capex guidance of approximately $12 to $12.5 billion.
(Filed on April 30, 2026)
-4.6%
60.1%
$5.9B
Willow project achieved 50% completion following a successful winter construction season in Alaska; the company also completed a four-well Alaska winter exploration program (evaluation underway) and secured high-priority acreage in the National Petroleum Reserve in Alaska (NPR-A) lease sale.
QatarEnergy constrained LNG production at its major Ras Laffan facilities in March 2026 due to the Middle East conflict involving Iran; ConocoPhillips reported no damage to its Qatar investments and no impairment indications, but excluded Qatar (approximately 4% of 2025 total production) from Q2 2026 production guidance amid ongoing uncertainty.
Executed an LNG tolling agreement in Equatorial Guinea for third-party operated gas volumes, extending the life of the LNG facility well into the next decade; the company also completed its Surmont post-payout transition, with variable royalties on a 25%-40% sliding scale now reducing Canada segment production by an estimated 15 MBOED annually due to higher WTI-indexed royalty rates.
Total Q1 2026 production was 2,309 MBOED (down 80 MBOED, or 3%, YoY; down 14 MBOED, or 1%, on a constant acquisition/disposition basis), with L48 at 1,453 MBOED; capital expenditures were $2.9 billion for the quarter (over half in L48 unconventional plays), with full-year 2026 capex guidance at $12-$12.5 billion and operating cost guidance unchanged.
Enhanced Lower 48 capital efficiency by more than doubling the percentage of 3-mile-plus lateral length wells drilled compared with the prior year, part of an H2 2025 commitment to deliver incremental cost reductions and margin enhancements exceeding $1 billion on a run-rate basis by year-end 2026.
(Filed on February 17, 2026)
-5.9%
61.2%
$6.5B
Q4 2025 operational milestones: Achieved first production from Surmont Pad 104W-A in December 2025, ahead of schedule; completed the Anadarko Basin divestiture for $1.2 billion in net proceeds; initiated a company-wide restructuring reducing employee workforce, with $286 million of severance expense recognized in 2025 (of which $214 million in production and operating expenses and $72 million in SG&A). The restructuring, combined with lease operating cost improvements and transportation/processing opportunities, is expected to contribute approximately $0.8 billion in cost reductions, with an additional ~$0.2 billion from margin expansion, totaling more than $1 billion in incremental cost reductions and margin enhancements on a run-rate basis by year-end 2026.
Willow Project (Alaska, annual context with Q4/winter-season updates): In 2025 the project completed its peak construction season, including gravel and pipeline construction and operations center hookup and installation, and is expected to achieve near 50 percent project completion by the end of the 2025 winter season. Processing facility fabrication remains on schedule for transport to the North Slope in 2027. First oil is anticipated in early 2029. The company also completed a $296 million acquisition in Q4 2024 of additional working interests in the Kuparuk River Unit (~5%) and Prudhoe Bay Unit (~0.4%) from Chevron/Union Oil, increasing its Alaska exposure.
Marathon Oil integration and portfolio optimization (annual context): Asset integration was completed in the first half of 2025. By year-end 2025 the company achieved more than $1 billion of synergies on a run-rate basis and approximately $1 billion of one-time benefits (including ~$0.5 billion from foreign tax credit utilization recognized in 2024 and the remainder from NOL cash tax benefits, most recognized in 2025). Full-year 2025 dispositions totaled $3.2 billion (Ursa/Europa fields and Ursa Pipeline for $0.7 billion, Anadarko Basin for $1.2 billion, and other noncore Lower 48/Corporate assets for ~$1.3 billion). The company targets a cumulative $5 billion in dispositions by year-end 2026. Full-year production was 2,375 MBOED, up 20% year-over-year (organic growth of 2.5% after adjusting for acquisitions and dispositions). Reserve replacement was 80% (organic 99%).
LNG portfolio and equity project progress: The company advanced its commercial LNG strategy by placing an initial 5 MTPA of PALNG Phase 1 offtake and securing an additional 5 MTPA, bringing its total North America commercial offtake portfolio to 10.2 MTPA with offtake commencing between 2026 and 2031. It also holds approximately 6.7 MTPA of regasification capacity in Europe. All equity LNG projects—NFE4 and NFS3 in Qatar and PALNG on the U.S. Gulf Coast—remain on schedule, with NFE startup expected in the second half of 2026. PALNG Phase 1 is scheduled to start up in 2027. The company invested $0.5 billion in equity LNG projects in 2025.
Fourth-quarter 2025 financial and capital-return highlights (Q4-specific): Reported Q4 2025 earnings per share of $1.17. In December 2025, the ordinary dividend was increased 8% to $0.84 per share (from $0.78 in Q3 2025); the full-year 2025 ordinary dividend totaled $3.18 per share. Q4 share repurchases were ~2.96 million shares at an average price of $92.81. For 2026, the company guided to approximately $12 billion in capital expenditures, production of 2.33 to 2.36 MMBOED (Q1 2026: 2.30 to 2.34 MMBOED), and DD&A of $11.7 to $11.9 billion. Effective in Q4 2025, the company eliminated its former Other International operating segment, folding residual results into Corporate and Other.
International exploration and concession developments: In January 2026 (disclosed in this filing), the company signed an agreement with Libya's Ministry of Oil and Gas and the National Oil Corporation to extend the Waha Concession through December 31, 2050, with new fiscal terms, subject to normal regulatory approvals. In Australia's Otway Basin (VIC/P79), the Essington-1 exploration well drilled from November 2025 to early 2026 encountered hydrocarbons and is under evaluation, while the Charlemont-1 well was expensed as a dry hole in Q4 2025. In Norway in 2025, the second appraisal well on the 2020 Slagugle discovery (PL891) encountered hydrocarbons; the Othello South well in the Heidrun area encountered hydrocarbons; the Bounty Updip well was a dry hole; and the company was awarded two new exploration licenses (PL1248, PL1259) and one acreage addition (PL044D). The company also relinquished two Malaysian exploration blocks (SK304 and WL4-00) effective in 2025.
(Filed on November 6, 2025)
+15.3%
61.0%
$5.3B
Q3 2025 total production reached 2,399 MBOED, up 25% year-over-year and up 83 MBOED (4%) on an organic basis after adjusting for closed acquisitions and dispositions. Full-year 2025 production guidance was raised to 2.375 MMBOED from the prior 2.35–2.37 MMBOED range.
Marathon Oil asset integration was completed in the first half of 2025. The company is on track for more than $1 billion in synergies on a run-rate basis by year-end 2025 plus over $1 billion in one-time benefits. In August 2025 it announced an additional >$1 billion in cost reductions and margin enhancements expected on a run-rate basis by year-end 2026 (approximately $0.8 billion from G&A, lease operating cost, and transportation/processing improvements; approximately $0.2 billion from margin expansion).
In August 2025 the company signed two 20-year LNG offtake agreements: a 4 MTPA purchase from Port Arthur LNG Phase 2 (commencing ~2030) and a 1 MTPA purchase from Rio Grande LNG Train 5 (commencing ~2031), bringing its total committed commercial LNG offtake portfolio to approximately 10 MTPA.
The company raised its portfolio disposition proceeds target from $2 billion to $5 billion by year-end 2026 and had executed dispositions exceeding $3 billion in 2025 to date. The $1.3 billion Anadarko Basin divestment (agreed July 2025) closed on October 1, 2025, and approximately $0.5 billion in additional noncore Lower 48 dispositions are expected to close in Q4 2025.
The company recorded $238 million in severance expense in Q3 2025 related to announced workforce reductions as part of broader cost-reduction initiatives.
The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, was implemented during Q3 2025 and generated an approximately $0.4 billion cash tax benefit in the quarter, with an additional ~$0.1 billion expected in Q4 2025; the company stated no material impact on its full-year 2025 effective tax rate was expected.
